. >> he says his members in the home heating oil business, like sean cota of bellows falls, vermont, were the first to notice the effects a few years ago when prices seemed to disconnect from the basic fundamentals of supply and demand. cota says there was plenty of product at the supply terminals, but the prices kept going up and up. >> we've had three price changes during the day where we pick up products, actually don't know what we paid for it, and we'll go out, and we'll sell that to the retail customer guessing at what the price was. the volatility is being driven by the huge amounts of money and the huge amounts of leverage that is going into these markets. >> about the same time, hedge fund manager michael masters reached the same conclusion. masters' expertise is in tracking the flow of investments into and out of financial markets. and he noticed huge amounts of money leaving stocks for commodities and oil futures, most of it going into index funds betting that the price of oil was going to go up. who was buying this paper oil? >> california pension fund, harvard endowment,